Defendant Name:
KBR, Inc.
Defendant Type:
Public Company
SIC Code:
1629
CUSIP:
48242W10
Document Reference:
2018-127
Document Details
Legal Case Name
In the Matter of KBR, Inc.
Document Name
SEC Charges KBR for Inflating Key Performance Metric and Accounting Controls Deficiencies
Document Date
02-Jul-2018
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On July 2, 2018, the SEC issued a press release regarding SEC charges against KBR Inc., stating: "The Securities and Exchange Commission today charged global engineering and construction company KBR Inc. with inflating a key, non-financial statement performance metric known as work in backlog. KBR agreed to pay a $2.5 million penalty to settle the SEC's charges." Furthermore, "The SEC's order also found that KBR had deficient internal accounting controls and failed to make accurate and reliable estimates of the costs to complete seven Canadian contracts, which led the company to overstate net income."